June 4, 2019 9:55 PM
This widget could not be displayed.
A "gift" from an employer is not really considered a gift and the information below will provide some insight. The ramifications on the tax return will be personal income tax and your share of social security and medicare tax.
- It should be reported in TurboTax Premier using these steps:
- Federal Taxes tab
- Wages & Income
- Scroll to Less Common Income
- Show more > Select Miscellaneous Income at the bottom
- Other income not already reported on a W2
- Yes to Other Wages Received
- Continue > Continue > Continue
- Yes to Any Other Earned Income
- Select Employee Compensation that was not on a W2
- Enter the requested information
Reason Code is should have been reported on W2